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Petronet LNG dips 7% on investment in US company

The company and its affiliates will like to explore possibility of purchase of up to 5 million tonnes per annum (5 MTPA) of liquefied natural gas (LNG) from Driftwood project concurrent with equity investment

September 23, 2019 / 10:41 AM IST
 
 
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Share price of Petronet LNG shed more than 7 percent intraday on September 23 after the company signed a MoU to buy stake in a US company.

Petronet LNG has signed a non-binding memorandum of understanding (MOU) with Tellurian Inc on September 21, 2019 at Houston, USA, as per a company release.

The company and its affiliates will like to explore possibility of purchase of up to 5 million tonnes per annum (5 MTPA) of liquefied natural gas (LNG) from Driftwood project concurrent with equity investment, it added.

The process is subject to due diligence and approval of respective board of directors.

At 0956 hrs, Petronet LNG was quoting at Rs 261.30, down Rs 5.55, or 2.08 percent on the BSE.

Moneycontrol News
first published: Sep 23, 2019 10:41 am

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